Aren’t people confusing things here? Wasnt being sold as insolvent, business and stock was up for sale wasnt it? I mean, that is a big warning sign, but it wasnt officially insolvent at that time as far as I can tell (not an insolvency practitioner etc.).
If the person’s bike in for a service has some sort of label system, think that property will be returned to them:
Assets include property, vehicles, machinery, stock and even the fixtures and fittings of the business premises. Only goods owned by your company can be sold as part of this process, so this means any vehicles or machinery you have on hire purchase, or any heavily mortgaged property will be excluded. Instead, any hired or leased goods will be returned to the leasing company, and the mortgage company repaid through the sale of the property. There is often not enough money to go around in which to pay every creditor in full; therefore some unfortunately miss out.